Month: February 2020

Advocate Shashi Bekal has conducted a review of the Vivad se Vishwas Bill and its latest amendments. He has explained the precise scope of the Bill and the amendments. He has opined that while the amendments does improve the situation and removes a lot of uncertainty in the minds of taxpayers, there is still room for improvement. He has offered suggestions in that behalf

The Finance Bill 2020 has proposed several amendments to the Goods and Service Tax Act with a view to impose penalty and prosecution upon persons facilitating and benefiting from fake invoice transactions. The Bill also seeks to make fraudulent availment of Input tax credit into a cognizable and non bailable offense at par with supply without an invoice or fake invoicing provisions. CA Sujay Ajgaonkar has explained the scope of these amendments in a clear and straightforward manner

Advocate Neelam Jadhav has conducted a meticulous comparison of the Direct Tax Vivad se Vishwas Scheme 2020 with the Kar Vivad Samadhan Scheme 1998 and explained the similarities and differences between the two. She has also prepared a compilation of all the important judgements which may answer questions and controversies arising under the new scheme

Snehal Kanzarkar, a law student, has analyzed the new rules enacted for appointment of the Members of the Tribunal. She has argued that the new rules do not comply with the guidelines laid down by the Hon’ble Supreme Court as regards the qualifications, experience and other conditions for appointment to tribunals. She has also claimed that the rules encroach upon judicial independence and are not in compliance with the law relating to separation of powers. She has requested that requisite changes should be made to the rules so as to make them compliant with the guidelines issued by the Supreme Court

Senior Advocate Firoze Andhyarujina delivered a lecture in which he has explained all the nuances and intricacies of the ‘Vivad Se Vishwas Scheme in a detailed manner. The learned counsel has pinpointed the pitfalls in the scheme and also offered valuable suggestions on how they can be resolved so as to attain the laudable objective of the Government of eliminating the backlog of disputed cases

The Finance Bill 2020 proposes to create an Alternate Tax Regime by way of new Section 115BAC to give benefit of lower tax rates to individual and HUF tax payers. Advocate Narayan Jain has analyzed the proposal in detail. He has explained the precise implications with the aid of case studies and advised on the circumstances in which the taxpayers should opt for the new regime

CAs Ketan Ved, Urvi Mehta & Shraddha Jain have answered a few core questions that have arisen in the minds of taxpayers and tax professionals with regard to the interpretation of the Vivad Se Vishwas scheme. The learned authors have drawn on their experience and offered workable solutions to several questions

Advocate Shashi Bekal has studied the provisions of clause 97 of the Finance Bill 2020 which seeks to regulate the power of the Tribunal to grant stay on recovery of demand. He has considered whether the said provision is directory in nature and not mandatory. He has also opined on whether the provision can be said to be arbitrary and therefore ultra vires the Constitution. The author has also argued that the provision will compel taxpayers to file Writ Petitions in the High Courts for stay of demand and thereby lead to unnecessary burden on the Courts

One of the subjects for discussion at the 22nd National Convention of the AIFTP which was held at Mumbai on 14th December 2019 was “e-assessments – paving way for pioneering tax reforms”. Dr. K. Shivaram, Sr.Advocate chaired the session and Mr. Mukesh Patel, Advocate, Ahmadabad, addressed on the subject. The subject, being new, involved a number of issues. For the benefits of tax professionals, a detailed article is published and video of the session is also hosted. Authors have also included the amendments proposed in the Finance Bill, 2020 regarding e-assessment and e-appeal before CIT(A). The authors have also made various suggestions

CA Nidhi Surana Jain has explained the provisions of the newly introduced “Vivad se Vishwas” scheme with special reference to sections 270A and 270AA of the Income-tax Act, 1961. She has pointed out that certain controversial interpretations could arise which could lead to further litigation. She has requested the CBDT and the Central government to work hand in hand and remove the areas of ambiguity and close the loopholes arising from the interpretation